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President Muhammadu Buhari has approved the reduction of the pump price of fuel from N145 to N126.
The presidential approval, which took place at the ongoing Federal Executive Council (FEC) meeting in the State House, was the fallout of the presentation of the Minister of State for Petroleum, Chief Timipre Sylva.
Sylva had last Friday told State House reporters that the committee set up by the president to review the state of the economy following the drastic fall in the price of crude oil in the international market was still consulting on possible reduction of fuel price.
The price of crude oil has been hovering between$29 and $30 in recent times following the outbreak of COVID-19 and the oil war between Russia and Saudi Arabia.
A reliable source in the State House, who confirmed the reduction to THISDAY Wednesday, said the reduction is official.
Details later…
